Description
Value You Can Measure
Milford property owners have countless excellent reasons to upgrade their windows. Updating damaged windows, revamping the style of your home etc… Some such benefits can be measured quite precisely.
For starters, windows retain about 72.3 percent of their initial purchase value in New England according to the Remodeling 2020 Cost vs. Value Report. This places windows among the top 5 home improvement investments in terms of value retention.
In terms of energy savings, homes in Milford, could notice important reductions on annual bill for home energy. If you already have dual pane windows you may save around $109.55 compared to $114 in Boston. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $311.18 every year, compared to $344 in Boston.
Improve your Milford Home’s Asking Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows may add to the sale price of your home. As mentioned before, windows preserve most of their initial value especially given their long life expectancy. At a rate of 72.3% estimated for 2020 an average total window replacement job costing $17,925 would preserve $13,018 of its initial value.
In addition, many buyers are willing to pay a premium for energy savings. Here we try to uncover : What’s the return on energy savings when it comes time to sell? The following is what we discovered in Milford:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Milford, your home value could increase by between $657.3 and $961.85 for a mid-tier or top-tier Milford home respectively. For comparison, the same upgrade in Boston could add somewhere between $684 and $1000.92.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Milford homeowners may yield an estimated home value increase of between $1867.09 for mid-tier homes and $2732.17 for the top tier. Compare this to between $2064 and $3020.32 in Boston.
Another way to look at it, a window investment in Milford can add anywhere from 0.18% percent and 0.76 % percent to the value of your home via the energy efficiency premium buyers have shown a willingness to pay. Add to this the aforementioned +72.3% retained initial value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Milford homeowner is quite strong.
The variation between the range for Milford and Boston, which for reference, would yield a potential premium range of 0.19% percent and 0.28% percent respectively, is derived from a number of factors, especially; the -0.43% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price range in the Worcester region, and heating & cooling cost differences between Milford and Boston.
The data presented is based on EnergyStar, the NREL,Department of Energy and expert research executed by the National Association of Homebuilders. Milford home value data is provided by Zillow.
Data Sources & Disclaimers
Sources:
https://www.bls.gov/regions/
https://www.eia.gov/consumption/residential/data/2015/index.php?view=consumption
https://www.energy.gov/energysaver/design/windows-doors-and-skylights/update-or-replace-windows
https://www.eia.gov/consumption/residential/data/2015/index.php?view=consumption#by%20end%20uses
https://openei.org/wiki/NSTAR_Electric_Company
https://www.aceee.org/press/2018/10/aceee-2018-state-energy-efficiency
https://www.builderbooks.com/what-home-buyers-really-want–2019-edition-products-9780867187724.php?page_id=32&pid=NAH
http://eyeonhousing.org/2019/04/how-much-are-buyers-willing-to-pay-for-energy-efficiency/
https://www.builderbooks.com/what-home-buyers-really-want–2019-edition-products-9780867187731.php
https://www.remodeling.hw.net/cost-vs-value/2020/new-england/
Disclaimer: The information on our website is general in nature and is not intended as a substitute for competent legal, financial or engineering advice.
Although National Vinyl is a Member of the National Homebuilders association and TrustGard windows are the recipient of EnergyStar’s “Most Efficient”,
we wish to state clearly and unequivocally: the information provided does not consitute an endorsement by or from any third party. We make no representation as to the accuracy of the information entered by third parties.We, our directors or shareholders disclaim any liability for any damages or loss arising from your use thereof.
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Energy Savings & ROI: Milford vs the rest of Massachusetts
Find out how investing in new windows in Milford compares to other nearby Massachusetts cities.